Logo of Makkah Construction and Development Co.
Makkah Construction and Development Co.’s shareholders approved, during an extraordinary general meeting (EGM) on Jan. 15, a 21.3% capital increase from SAR 1.64 billion to SAR 2 billion through distributing bonus shares to the company’s shareholders from the statutory reserve balance, as shown in the following table:
|
Capital Increase Details |
|
|
Current Capital |
SAR 1.64 bln |
|
Current Number of Shares |
164.82 mln |
|
Capital Increase (%) |
21.3% (0.213 shares for every share held) |
|
New Capital |
SAR 2 bln |
|
New Number of Shares |
200 mln |
|
Method |
Capitalizing SAR 351.84 mln from statutory reserve. |
|
Reason |
To enhance shareholder returns and create long-term value through strategic investments. |
|
Eligibility |
Jan. 15, 2025 (Shareholders registered with Edaa by the end of the second trading day after the record date.) |
In a statement to the Saudi Exchange (Tadawul) today, Jan. 16, the company clarified that any fractional shares will be combined into a single portfolio for all shareholders and sold at market price.
The proceeds will then be distributed to eligible shareholders, as per their respective ownership, within a period not exceeding 30 days from the date of determining the new shares eligible for each shareholder.
Shareholders further approved the transfer of the remaining balance of the statutory reserve, amounting to SAR 484.44 million as of Dec. 31, 2023, to retained earnings.
In a separate statement today, Tadawul said the daily trading fluctuation limits for Makkah Construction after its capital increase will be based on a stock price of SAR 94.80 as of today.
Accordingly, the outstanding orders will be canceled. The Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios by Jan. 20.
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